Today, many women are making more money than their spouse or they are working as a single parent and the head of a household. African American women are the head of 29% of all households, compared 13% for all women, according to the latest data. While women are achieving an unprecedented work-life balance, a piece of the puzzle that is more often missing than not is life insurance, says Brian Greenberg, a multifaceted entrepreneur serving as a founder and executive of multiple online businesses, including as president of True Blue Life Insurance.
While other types of insurance such as health, auto, and homeowners are top of mind, life insurance tends to slip through the cracks, adds Greenberg. The Life Insurance and Market Research Association reports thatÂ 48% of women are without any type of life insurance. But now more than ever, women need life insurance.
According to Greenberg here’s why:
Life Insurance Replaces Your Income
If your income helps to support you, your children, and/or your partner, a life insurance policy willÂ provide financial supportÂ for them in the case of your death. “This can help not only cover the cost of the funeral and anything related to it but also with everyday living expenses,â€ explains Greenberg. “Of course, it’s unpleasant to think about and plan for your own death, but it is a responsible way to make sure your family doesn’t have to worry about such things on top of having to cope with your loss.â€
Life Insurance Protects Your Interests
Even if you’re single and you don’t have any children, you still may have a need for life insurance. “If you carry a high amount of debt, have a co-signer for a loan or if you take care of an aging or ill parent or family member, having life insurance will help protect your estate, your co-signer, and those you care for,â€ Greenberg explains.
Life Insurance Is Less Expensive For Women
Typically, life insurance premiums are priced largely according to the average life expectancy for your gender and age. Women pay less than men, primarily because men have a shorter life expectancy. “If you’re wondering how much or what type of life insurance you need, here’s a tip: multiply your income by anywhere from three to 15 times to arrive at theÂ amount of life insurance you should consider buying,â€ Greenberg suggests.Â You can also select a term life policy at a cheaper premium for a specific amount of time, or you can select a permanent plan that will last the rest of your life and provide you with additional financial planning options.
Greenberg points out that the type of insurance you choose and the amount you purchase depends on your goals, needs, budget, and family situation.